Artmarket.com: the Artprice100© index is continuing to grow… +405% since 2000

PARIS, March 2, 2021 /PRNewswire/ — Artprice’s blue-chip artists index, the Artprice100©, actually grew by 1.8% over the past year… a year marked by the almost complete absence of international fairs, but also by the forced transition of galleries and auction houses to a digital modus operandi. And yet… the price of the Art Market’s top one hundred artists (by auction turnover) continued to climb, taking its total growth since 2000 to +405%.

 

Annual change in the Artprice100 © vs. S&P 500 - Base 100 in January 2000
Annual change in the Artprice100 © vs. S&P 500 – Base 100 in January 2000

thierry Ehrmann, President and Founder of Artmarket.com and of its Artprice Department: "The resilience of the Art Market in times of crisis is perfectly illustrated by the evolution of our Top-100 benchmark index. The positive performance of the Artprice100 © in 2020, although modest, is extremely reassuring. True… it doesn’t compare well with the US stock markets (the S&P 500 posted a sensational growth of +16% last year, rising from 3,234 pts to 3,756 pts in twelve months."

While the construction of the Artprice100© is inspired by that of the S&P 500, the two indices nevertheless remain profoundly different and should be compared with caution.

Artprice100© versus S&P 500: warning!

The Artprice100© is designed as a portfolio of artworks representing the one hundred most important artists on the art market (see the composition below). It’s a purely theoretical exercise. It is clearly not possible to acquire a share in all the works by an artist that will be auctioned in the coming year. In fact, no-one can even predict which works will hit the secondary market over the next twelve months. But the results as a whole provide an excellent appreciation of the general price evolution for each of these artists.

The composition of the Artprice100© index is based on purely objective criteria. It is established on 1 January of each year on the basis of two criteria, both resolutely independent of any personal preference: a performance criterion and a liquidity criterion. The initial investment is thus made in proportion to the auction performances of the artists over the last five calendar years (2015-2019), on condition, however, that their works are exchanged regularly: at least seven auction appearances per year over a ten-year period (excluding prints).

Analysis of the composition

There are two good reasons for calculating a specific price index for a set of top-selling artists: firstly it allows the analysis of the performance of a well-diversified portfolio, constructed objectively on the basis of the auction results for well-established artists. Secondly, it allows observation of the evolution of the 100 artists who constitute the veritable hardcore of the global Art Market.

Pablo Picasso remains the portfolio’s dominant artist with a weight of 8.8% in the initial investment. On the basis of all original works by Picasso sold at auction in 2020, Artprice calculates that his price index increased overall by +2.2% in the twelve months of 2020. This result is perfectly consistent with the overall evolution of the Artprice100©.

Picasso is one of 45 Modern artists included in the composition of the 2020 index. This period of creation is by far the most solid segment of the art market and it represents approximately half of the initial investment.

Distribution of the Artprice100 © in January 2020 by period of creation
Distribution of the Artprice100 © in January 2020 by period of creation

As in 2019, only four female artists have qualified for inclusion in the composition of the Artprice100© in 2020: Yayoi Kusama, Joan Mitchell, Louise Bourgeois and Barbara Hepworth. They account for just 3.3% of the portfolio’s total value. On the other hand, the number of living artists has increased significantly, thanks to the ‘entry’ of seven active painters, with only three ‘departures’ from the composition.

Entries (living artists) ; Lee Ufan, Zhou Chunya, Rudolf Stingel, Zhang Xiaogong, Yoshitomo Nara, Takashi Murakami, Zeng Fanzhi

Departures (living artists) ; Günther Uecker, Frank Auerbach, Michelangelo Pistoletto

Composition of Artprice100© on 1 January 2020 (Rank, Initial weight, Period)

  1. Pablo PICASSO (1881-1973) ; 8.8% – Modern
  2. Andy WARHOL (1928-1987) ; 5.0% – Post-War
  3. Claude MONET (1840-1926) ; 4.7 % – 19th Century
  4. Jean-Michel BASQUIAT (1960-1988) ; 3.6% – Contemporary
  5. QI Baishi (1864-1957) ; 3.5% – Modern
  6. ZAO Wou-Ki (1921-2013) ; 3.3% – Post -War
  7. Gerhard RICHTER (1932-) ; 2.8% – Post-War
  8. WU Guanzhong (1919-2010) ; 2.4% – Modern
  9. FU Baoshi (1904-1965) ; 2.4% – Modern
  10. Amedeo MODIGLIANI ( 1884-1920) ; 2.2% – Modern
  11. Roy LICHTENSTEIN (1923-1997) ; 2.0% – Post-War
  12. Cy TWOMBLY (1928-2011) ; 1.9% – Post-War
  13. Alberto GIACOMETTI (1901-1966) ; 1.9% – Modern
  14. Lucio FONTANA (1899-1968) ; 1.8% – Modern
  15. Marc CHAGALL (1887-1985) ; 1. 7% – Modern
  16. Alexander CALDER (1898-1976) ; 1.7% – Modern
  17. Joan MIRO (1893-1983) ; 1.6% – Modern
  18. Willem DE KOONING (1904-1997) ; 1.6% – Modern
  19. David HOCKNEY (1937-) ; 1.5% – Post-War
  20. Yayoi KUSAMA (1929-) ; 1.5% – Post-War
  21. Jean DUBUFFET (1901-1985) ; 1.4% – Modern
  22. René MAGRITTE (1898-1967) ; 1.4% – Modern
  23. Henri MATISSE (1869-1954) ; 1.4% – Modern
  24. Fernand LÉGER (1881-1955) ; 1.2% – Modern
  25. Christopher WOOL (1955-) ; 1.2% – Contemporary
  26. Wassily KANDINSKY (1866-1944) ; 1.1% – Modern
  27. SAN Yu (1901-1966) ; 1.1% – Modern
  28. Jeff KOONS (1955-) ; 1.0% – Contemporary
  29. Henry MOORE (1898-1986) ; 1.0% – Modern
  30. Peter DOIG (1959-) ; 0.9% – Contemporary
  31. Paul GAUGUIN (1848-1903) ; 0.9% – 19th Century
  32. Joan MITCHELL (1926-1992) ; 0.9% – Post-War
  33. LIN Fengmian ( 1900-1991) ; 0.8% – Modern
  34. Ed RUSCHA (1937-) ; 0.8% – Post-War
  35. Yoshitomo NARA (1959-) ; 0.8% – Contemporary
  36. Pierre-Auguste RENOIR (1841-1919) ; 0.8 % – 19th Century
  37. CHU Teh-Chun (1920-2014) ; 0.8% – Post-War
  38. Edgar DEGAS (1834-1917) ; 0.7% – 19th Century
  39. Auguste RODIN (1840-1917) ; 0.7% – 19th Century
  40. PU Ru (1896-1963) ; 0.7% – Modern
  41. Robert RAUSCHENBERG (1925-2008) ; 0.7% – Post-War
  42. Richard PRINCE (1949-) ; 0.6% – Contemporary
  43. Rudolf STINGEL (1956- ) ; 0.6% – Contemporary
  44. Frank STELLA (1936-) ; 0.6% – Post-War
  45. Sigmar POLKE (1941-2010) ; 0.6% – Post-War
  46. Camille PISSARRO (1830-1903) ; 0.6% – 19th Century
  47. Louise BOURGEOIS (1911-2010) ; 0.6% – Modern
  48. Whan-Ki KIM (1913-1974) ; 0.6% – Modern
  49. Paul SIGNAC (1863-1935) ; 0.6% – Modern
  50. Yves KLEIN (1928-1962) ; 0.6% – Post-War
  51. Keith HARING (1958-1990) ; 0.5% – Contemporary
  52. Richard DIEBENKORN (1922-1993) ; 0.5% – Post-War
  53. Pierre SOULAGES (1919-) ; 0.5% – Modern
  54. George CONDO (1957-) ; 0.5% – Contemporary
  55. Norman Perceval ROCKWELL (1894-1978) ; 0.5% – Modern
  56. WU Hufan (1894-1968) ; 0.5% – Modern
  57. Alberto BURRI (1915-1995) ; 0.4% – Modern
  58. Gustav KLIMT (1862-1918) ; 0.4% – Modern
  59. ZENG Fanzhi (1964-) ; 0.4% – Contemporary
  60. Egon SCHIELE (1890-1918) ; 0.4 % – Modern
  61. Damien HIRST (1965-) ; 0.4% – Contemporary
  62. Ernst Ludwig KIRCHNER (1880-1938) ; 0.4% – Modern
  63. Chaïm SOUTINE (1894-1943) ; 0.4% – Modern
  64. Fernando BOTERO ( 1932-) ; 0.4% – Post-War
  65. Edvard MUNCH (1863-1944) ; 0.4% – Modern
  66. Pierre BONNARD (1867-1947) ; 0.4% – Modern
  67. Kazuo SHIRAGA (1924-2008) ; 0.4% – Post-War
  68. WEN Zhengming (1470-1559) ; 0.4% – Old Master
  69. ZHOU Chunya (1955-) ; 0.4% – Contemporary
  70. Morton Wayne THIEBAUD (1920-) ; 0.4% – Post-War
  71. Georg BASELITZ (1938-) ; 0.4% – Post-War
  72. Salvador DALI (1904-1989) ; 0.4% – Modern
  73. Tsuguharu FOUJITA (1886-1968) ; 0.4% – Modern
  74. François-Xavier LALANNE (1927- 2008) ; 0.4% – Post-War
  75. SHI Tao (1642-c.1707) ; 0.4% – Old Master
  76. DONG Qichang (1555-1636) ; 0.4% – Old Master
  77. Max ERNST (1891-1976) ; 0.4 % – Modern
  78. Sam FRANCIS (1923-1994) ; 0.4% – Post-War
  79. Georges BRAQUE (1882-1963) ; 0.4% – Modern
  80. Maurice DE VLAMINCK (1876-1958) ; 0.4% – Modern
  81. Bernard BUFFET (1928-1999) ; 0.4% – Post-War
  82. Peter Paul RUBENS (1577-1640) ; 0.4% – Old Master
  83. Ufan LEE (1936-) ; 0.4% – Post-War
  84. Francis PICABIA ( 1879-1953) ; 0.3% – Modern
  85. Barbara HEPWORTH (1903-1975) ; 0.3% – Modern
  86. Albert OEHLEN (1954-) ; 0.3% – Contemporary
  87. Anselm KIEFER (1945-) ; 0.3% – Contemporary
  88. Giorgio MORANDI (1890-1964) ; 0.3% – Modern
  89. Alighiero BOETTI (1940-1994) ; 0.3% – Post-War
  90. Robert MOTHERWELL (1915-1991) ; 0.3% – Modern
  91. TANG Yin (1470- 1523) ; 0.3% – Old Master
  92. GUAN Liang (1900-1986) ; 0.3% – Modern
  93. Martin KIPPENBERGER (1953-1997) ; 0.3% – Contemporary
  94. Takashi MURAKAMI (1962-) ; 0.3% – Contemporary
  95. Donald JUDD (1928-1994) ; 0.3% – Post-War
  96. CHEN Yifei (1946-2005) ; 0.3% – Contemporary
  97. ZHANG Xiaogang (1958-) ; 0.3% – Contemporary
  98. Tom WESSELMANN (1931-2004) ; 0.3% – Post-War
  99. David SMITH (1906-1965) ; 0.3% – Modern
  100. Josef ALBERS (1888-1976) ; 0.3% – Modern

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